Trump claims U.S.-China talks in Switzerland led to ‘key progress’ on trade reset

President Donald Trump has called the latest U.S.-China trade talks a breakthrough. He says the meeting in Geneva, Switzerland, led to a “total reset” in the two countries’ economic relationship. This comes after months of rising tensions and a damaging tariff war. The US trade representative, Robert Lighthizer, met with his Chinese counterpart Liu He in Geneva over the weekend. US Treasury Secretary Scott Bessent headed the US team, and Vice Premier He Lifeng led China’s team. The discussions occurred after the United States escalated a trade war by imposing tariffs of 145 percent on Chinese goods in April. China swiftly retaliated with 125 percent tariffs on American goods. Trump, who has adopted a tough stance toward China since re-entering office, wrote about the meeting on Truth Social. “Many things discussed, much agreed to,” he wrote. He noted that it is a total reset, negotiated in a friendly but firm way that allows the two countries to move forward on things they can do together. Trump added that they wanted to see China open up to American business for the benefit of both China and the United States and emphasized that great progress had been made. Negotiations in Geneva were more upbeat than many had anticipated. Both delegations characterized the meeting in reports as “frank” and “productive.” Trump signals possible tariff compromise as trade talks progress For some time, President Trump had insisted that he would not reduce tariffs without major concessions from China. He said the United States had been losing a trillion dollars a year—or more—in trade with China but added that they were no longer losing anything, which he considered a positive change. And yet, somehow, now he’s hinting that maybe he’s flexible. On Friday, Trump said an 80% tariff was “probably the correct number,” suggesting perhaps some compromise. By Saturday evening, people familiar with the talks said that negotiators discussed dropping tariffs between 50% and 60%, or as low as 34% for some sectors. Markets have responded cautiously. Investors are hoping an agreement will bring relief to industries hurt by the trade war — and those prospects are probably highest for agriculture, electronics, and logistics. The decline in China’s exports to the United States was steep, falling by more than 21% in April. American farmers and small businesses have also said they face higher costs and reduced sales because of the trade standoff. Negotiators plan to continue trade talks despite global concerns These conversations are expected to resume on Sunday. Both sides should delve even deeper into lingering issues. That includes intellectual property rights, opening markets in China for American companies, and closer tracking of restrictions of fentanyl in the class of drugs known as opioids. Officials have said they aim to reach a clear, stable trade agreement. That would enable businesses on each side to plan for the future, invest, and know that they would not suddenly face rule changes. Observers say the US wants China to agree to purchase more US products and open its market to outside companies. For its part, China has longed for some relief from the heavy tariffs and more predictable rules from Washington. Experts caution that while progress this weekend is promising, the road ahead is unclear. A final agreement could be weeks, if not months, away. Yet many consider the Geneva discussions a hopeful breakthrough after months of tension. With success, a deal could potentially reset not just trade but the larger relationship between the United States and China. BTC price is once again approaching a breakout to new all-time highs (ATHs), with a potential US-China trade agreement likely acting as the catalyst. The leading cryptocurrency surged past \$104,000 after Donald Trump’s comments on the “good meeting” between the two economic giants. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites Source: https://www.cryptopolitan.com/trump-hails-u-s-china-trade-progress/